July 2017

18Jul

Chart of the Week: A Golden Aging for Vietnam?

Vietnam’s demographic dividend is fast turning into a handicap. For decades, working-age Vietnamese made up an expanding share of the population, boosting economic growth and helping to keep retirement and health spending in check. That changed in 2013. While the southeast Asian nation’s population of 92 million is still relatively young (the median age is 26), it is graying quickly. Birth rates are falling, and life expectancy is rising. This phenomenon is by no means unique to Vietnam. The problem is...

July 18, 2017
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17Jul

Frank Field accuses the UK pensions regulator of having its priorities the wrong way round

The UK's pensions watchdog must put workers’ interests ahead of those of shareholders, the chair of the work and pensions select committee urged today. Frank Field, who has been re-elected as the chair of the influential work and pensions select committee, hit out of the Pensions Regulator (TPR). He told City A.M. a failure to disclose names of the firms it was monitoring was “a marvellous way of covering inaction”. On Thursday the government revealed plans to provide the TPR with...

July 17, 2017
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17Jul

US. Millennials don’t save for enough retirement — but Congress can help

“Young people are not saving enough.” “They will have to double their savings to retire at a reasonable age.” These quotes represent the conventional wisdom about our nation’s millennials, the more than 80 million Americans between the ages of 20 and 36. However, the savings picture for millennials has become more complex, according to recent data. This cohort of young people is saving more, though for short-term goals instead of retirement. To promote retirement savings, Congress should pass the Automatic Individual Retirement...

July 17, 2017
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17Jul

Jamaica. Prime Minister stresses urgency of pension reform

Prime Minister Andrew Holness has said that urgency must be placed on settling the issue of public sector pension reform. Acknowledging concerns expressed by trade unions relating to the five per cent increase in contributions by workers, Holness noted that failure to reform pensions will result in a “major crisis on our hands. “I cannot overemphasise that point. In 1990 the pension bill of the Government was 0.4 per cent of the Gross Domestic Product (GDP). Today it has more than...

July 17, 2017
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14Jul

Women’s participation rate will reduce pensioners’ risk of poverty by 2060

This is the main indication of the annual report of the Research Committee on Aging (CEV), published on Wednesday. With more than 8% in 2015, the pensioners' risk of poverty rate is expected to fall below 6% in 2060, with an acceleration of the decline from 2030, according to the VEC outlook. The projected decline in the risk of poverty is explained initially by a revaluation of social benefits. The increase in minimums and the GRAPA (Old Age Income Guarantee) have...

July 14, 2017
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14Jul

UK. CII to launch pension transfers qualification

The Chartered Insurance Institute is launching a new pension transfers qualification following the FCA’s proposals to change the rules relating to pension transfer advice. The level four certificate in pension transfers advice includes a new level six unit, pension transfers, which will open in August. It also includes three existing level four units: financial services regulation and ethics, investment principles and risk, and pensions and retirement planning. Seven thousand CII members with statements of professional standing are qualified to give pension transfer...

July 14, 2017
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13Jul

How will evolving employment models impact retirement savings: The case of Singapore

Freedom, flexibility, being your own boss—the proposition of the gig economy certainly caters to these stereotypical desires of millennials, as well as enabling individuals to supplement their income. Technology has led to the rise of the gig economy, with the likes of Foodpanda, Grab, and Airbnb among others ostensibly providing a win-win situation for both service providers and consumers. For individuals, the gig economy enables easy access to paid work, freedom to schedule working hours, and helps avoid the misery of...

July 13, 2017
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13Jul

Malaysia. ANZ Bank nears deal to sell Malaysian banking stake to pension fund: sources

Australia and New Zealand Banking Group (ANZ.AX) is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million. ANZ has been pursuing a sale of its 24 percent stake in its Malaysian affiliate AMMB Holdings (AmBank) (AMMB.KL) since early last year as part of a strategy to divest minority stakes in Asia and as AmBank...

July 13, 2017
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13Jul

UK. Gay man wins Supreme Court case on equal pension rights

A gay man has won a landmark ruling which will give his husband the same pension rights as a wife would receive. The Supreme Court unanimously ruled that if John Walker, 66, dies, his husband is entitled to a spouse's pension, provided they remain married. The ex-chemical company worker said it would "drag" the government "into the 21st Century", while human rights group Liberty said "thousands" could benefit. A government spokesman said it would review the implications of the ruling. BBC legal affairs...

July 13, 2017
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12Jul

Netherlands. CEO of pension fund manager PGGM heads to Dutch central bank

The outgoing CEO of Dutch pension fund manager PGGM, Else Bos, will take up a key position at the Dutch central bank next year, leading oversight of insurers and pension funds. Bos, who previously worked at Dutch banks ABN Amro and NIBC, will begin her role at the central bank (DNB) on July 1, 2018, the Dutch finance ministry and DNB said on Tuesday. PGGM said in May that Bos, 57, would leave in November to take an unspecified position elsewhere....

July 12, 2017
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